French lawmakers will consider a proposal that would have a major impact on the adoption of digital currencies within the country, from stablecoins to Bitcoin (BTC).
In a resolution tabled on Wednesday, Éric Ciotti of the Union of the Right for the Republic recommend a proposal to the French National Assembly to ban the digital euro, possibly on the initiative of the European Central Bank, and as an alternative promote “the spread of euro stablecoins and investments in crypto assets.”
The filing pointed to U.S. efforts to ban central bank digital currencies (CBDCs) and promote stablecoins through the GENIUS Act, which got here into effect in July.
“This proposed European resolution subsequently calls on the federal government to commit to making sure that the longer term European supervisory framework specifically for crypto-asset engagements specifically deviates from the Basel Standard 2022 to facilitate the pledging of crypto-assets, while maintaining the goal of a substantive revision of those rules within the Basel Committee,” the motion says.
Source: French National Assembly
The proposal didn’t specifically mention the creation of a national BTC reserve, but Ciotti reportedly intended the French government to carry over 2% of the full cryptocurrency supply, price about $48 billion on the time of publication. Such a move would also follow U.S. government efforts to construct strategic BTC and crypto reserves, partially through using tokens seized in criminal cases.
The motion, which until Tuesday appeared to not have been considered by French lawmakers, was the last within the country's National Assembly and will have implications for policy on crypto and Bitcoin. In August, the Rassemblement National political party reportedly called on the French government to mine BTC using excess energy from the country's nuclear power plants.
Another country adopting crypto reserve policies?
In addition to efforts by the U.S. government under President Donald Trump to accumulate BTC and crypto stockpiles – which could potentially be boosted by a $14 billion seizure earlier this month – other countries have been exploring options
Kyrgyzstan lawmakers reportedly began exploring the creation of a digital asset reserve after discussions with former Binance CEO Changpeng “CZ” Zhao, who works as an adviser to the federal government’s crypto committee. Meanwhile, one in all the economic hubs in Bhutan announced in January that it plans to create a strategic crypto reserve using BTC and other tokens.
